Bittrex Global, the cryptocurrency exchange with offices in Bermuda and Liechtenstein, has encouraged its customers to withdraw their assets “as soon as possible” as it plans to close up shop.

The news of Bittrex Global’s demise comes as a blow to Bermuda’s efforts in the fintech arena, coming as it does in the same month that island-based BlockFi International Ltd was wound up in the Supreme Court.

Earlier this year, Bittrex Global chief executive Oliver Linch was photographed with David Burt, the Premier, who wrote on X (formerly Twitter) on March 9 that “Oliver updated me on the company’s plans for #Bermuda”.

At the time, Mr Burt said the company had six full-time Bermudian staff on island.

An announcement on the company’s website said: “It is with great regret that we announce that Bittrex Global has decided to wind down its operations.

“This decision was not made lightly, and we understand the inconvenience it may have on our valued customers.

“Effective Monday December 4, 2023, all trading activity on Bittrex Global will be disabled. After that date, customers will only be able to withdraw assets as part of the winding down process.

“We understand that this news may raise concerns and questions and we want to assure you that we are committed to facilitating a smooth and transparent wind-down process during this period.”

The firm added: “All funds and tokens remain safe and secure on the Bittrex Global platform and are available for withdrawal – in accordance with applicable law and our terms of service – at any time using the withdrawal facilities on the platform.

“All users are strongly encouraged to log into their account and withdraw assets as soon as possible.”

Under the heading “What Happens Next”, the firm writes:

• Trading Suspension: trading on Bittrex Global will be suspended as of Monday December 4 at 18.00 UTC. Please ensure that you have completed all necessary transactions before this date. At that time, your client relationship with Bittrex Global will be terminated and all activity on the platform – except the ability to withdraw – will be disabled.

• Note on USD holdings: please note that customers of Bittrex Global are not able to directly withdraw USD holdings. If you have a USD balance, you need to convert this into either EUR or crypto in order to be able to withdraw the associated funds. You must convert any USD balances to EUR or crypto before Monday December 4.

• Referral Programme: the Bittrex Global Referral programme is terminated and will cease earning rewards effective immediately. All rewards earned on trades executed up to and including November 19, 2023 will be paid out in the coming days.

• Promotions: all promotions have now ceased and all transactions are now subject to the standard Bittrex Global fee schedule.

• Deposits: do not make any deposits to our platform. We cannot guarantee that they will be received safely. If you do send a deposit, your funds may be permanently lost as a result of the attempted transfer.

• Withdrawals: no deadline has been set for customers to withdraw funds from Bittrex Global after the suspension of trading on December 4, 2023. However, we strongly recommend that customers withdraw funds as quickly as possible, as a withdrawal deadline may be set by the liquidators at some point in the future.

• Customer Support: our customer support team will be available to assist with any questions or concerns during the transition process. Please create a support ticket at https://global.bittrex.com/Home/Support for assistance.

• Data Protection: we take data protection seriously and we assure our customers that their personal information will be handled in accordance with our privacy policy. If you have any concerns about your data, please contact our support team.

Bittrex Global said it would continue to provide updates and information through its official communication channels, including e-mail and social media and it reminded customers to trust only official channels.

It added: “We thank you for your understanding and co-operation during this time.”

A link to a list of questions and answers about the winding-down process is included on the firm’s website.

Bittrex Inc, also known as Bittrex US, was shuttered at the end of April.

In August, Bittrex Global announced that it had reached a settlement with the US Securities and Exchange Commission in relation to the SEC’s April 17 charge against the company for allegedly operating an unregistered exchange in the United States.

At the time, Bittrex Global said: “To reach this speedy conclusion, the settlement agreement includes a $24 million payment, which will be paid by Bittrex Inc (also known as Bittrex US), and not by Bittrex Global.

“Now, the SEC has agreed to settle the case, with Bittrex Global neither admitting nor denying the allegations, the matter is fully behind us, and our attention can be completely focused on doing what we do best: providing our customers with the world’s most secure, innovative, and regulated exchange in the market.”